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Who

While we may not know who he (or she) was, we know what he did. Satoshi Nakamoto was the inventor of the bitcoin protocol, publishing a paper via the Cryptography Mailing List in November 2008.

He then released the first version of the bitcoin software client in 2009, and participated with others on the project via mailing lists, until he finally began to fade from the community toward the end of 2010.

Nakamoto worked with people on the open-source team, but took care never to reveal anything personal about himself, and the last anyone heard from him was in the spring of 2011, when he said that he had “moved on to other things”.

Where it started

In October 2008, Nakamoto published a paper on The Cryptography Mailing list describing the bitcoin digital currency. It was titled Bitcoin: A Peer-to-Peer Electronic Cash System. In January 2009, Nakamoto released the first bitcoin software that launched the network and the first units of the bitcoin cryptocurrency, called bitcoins. Satoshi Nakamoto released the bitcoin software on Sourceforge on 9 January 2009.

Nakamoto claimed that work on the writing of the code began in 2007. The inventor of bitcoin knew that due to its nature the core design would have to be able to support a broad range of transaction types. The implemented solution enabled specialised codes and data fields from the start through the use of a predicative script.

Nakamoto created a website with the domain name bitcoin.org and continued to collaborate with other developers on the bitcoin software until mid-2010. Around this time, he handed over control of the source code repository and network alert key to Gavin Andresen, transferred several related domains to various prominent members of the bitcoin community, and stopped his involvement in the project. Until shortly before his absence and handover, Nakamoto made all modifications to the source code himself.

What

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.

Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.